Australia is set to have a new iron ore port, 450 kilometres north of Perth. Murchison Metals Ltd and Mitsubishi Corp have signed a $2.7 billion (AUD 4 billion) agreement with the Western Australian government to build the port along with a rail system, reports said.
Murchison and Mitsubishi's joint venture is called the Oakajee Port & Rail Pty, and a $110 million (AUD 160 million) financing study is due to be completed by March 2010.
Construction is scheduled to start in 2010 and the port could be operational as early 2013.
The port, with a capacity to ship 35 million metric tonnes of the steel-making raw material annually, will boost exports with potential users including Mount Gibson Iron Ltd., Atlas Iron Ltd., Gindalbie Metals Ltd., Golden West Resources Ltd. and Asia Iron Holdings Ltd, Bloomberg reported.
Western Australian Premier Colin Barnett was quoted saying that “Oakajee is the single most important project for Western Australia's economic development over the next 50 years.”
Murchison and Mitsubishi's joint venture is called the Oakajee Port & Rail Pty, and a $110 million (AUD 160 million) financing study is due to be completed by March 2010.
Construction is scheduled to start in 2010 and the port could be operational as early 2013.
The port, with a capacity to ship 35 million metric tonnes of the steel-making raw material annually, will boost exports with potential users including Mount Gibson Iron Ltd., Atlas Iron Ltd., Gindalbie Metals Ltd., Golden West Resources Ltd. and Asia Iron Holdings Ltd, Bloomberg reported.
Western Australian Premier Colin Barnett was quoted saying that “Oakajee is the single most important project for Western Australia's economic development over the next 50 years.”